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FINANCIAL SERVICES

Target Operating Model


How insurance markets, legislation and technology are
speeding the need for an operating model review
KPMG ADVISORY

The challenge Your benefits KPMG approach Credentials Contact

The challenge Over the past decade, the insurance industry has had its share of disruptive
events: major booms and bursts in stocks and real estate markets, continuing
industry consolidation, a regulatory tsunami, the emergence of independent
distribution, and steady growth of the product portfolio, to name a few.
Meanwhile the operating model of insurance companies remained unchanged,
with following potential drawbacks:

• Sales organization inadequately adapted to latest changes in distribution


channel and product portfolio mix.
• Non-optimal operational processes for contract, claims and investment
administration departments.
• Risk and finance organization insufficiently adapted to the forthcoming
legislative requirements (Solvency II, IFRS 2).
• Inappropriate ICT architecture, insufficiently aligned to real business
needs.
To meet these challenges, consider transforming your operating model.

Increasing distribution
channel mix
Realignement of Increasing product
global economic portfolio mix
activities

Managing risk and Operating Continuing Industry


compliance (Solvency Il, model consolidation
IFRS, etc.)

Technological More competitive


evolutions business
Cost reduction environment

© 2010 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG
programmes
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Belgium.
Your benefits Operating model transformation can generate substantial business performance
improvements for the insurer, including: KPMG’s TOM service includes four phases:
1 Diagnose the current state operating model.
• Greater market profit margins. 2 Define the desired future state target operating model, including
• Reduction of new product introduction time. comparacing with the outcome with leading practices in the market and
• Significant reduction in service costs per policy. with internal objectives of key stakeholders.
• Reduction in IT operating costs and customer service staffing. 3 Perform a gap analysis. Define quick wins and midium-term action plans.
4 Manage the transition stage.
KPMG approach KPMG’s Target Operating Model (TOM) service helps organizations in the
insurance industry successfully realise business strategy by constructing Credentials The Performance & Technology team at KPMG Advisory has built up solid
optimal business architecture. It provides a framework for making decisions on experience and proven methodology translating technical and practical
operational strategy such as what functions should be shared, how functions knowledge into successful Target Operating Model solutions which are
should be configured in size and budget, and where operations should be fully embedded, for a variety of national and international financial services,
performed and by whom. The model itself is flexible, and can range from insurance and asset management companies.
simple, local model (e.g., a blueprint for a specific departmental change) to a Our team has a good balance of insurance industry experience and business
complex articulation (e.g., a major global transformation of an organization). performance improvement knowledge.

The TOM services covers all dimensions of the business that contribute to the Contact Bart Walterus
realization of a vision: Partner
KPMG Advisory
• Organization, geography and governance review.
• People and required skill sets.
Tel. +32 2 708 38 80
• Business process and methodology review.
E-mail: bwalterus1@kpmg.com
• Review of information systems and technology.
• Performance management through key performance indicators.

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